Quadrant Real Estate Advisors has placed a $135m construction-to-permanent loan on the development of The Broe Companies’ Country Club Towers II in Denver, Colorado, Real Estate Capital has learned.
The 25-year loan from AXA Equitable Life Insurance Co. carries a 51% stabilized loan-to-value, 1.69X debt-service coverage ratio and 30-year amortization with 10 years of interest-only payments.
Country Club Towers II at 21 South Downing Street will consist of 31-story twin towers with 552 apartment units totaling 621,000 sq ft, separated by a central concourse with a fitness center and pool. The development also calls for 1,016 parking spaces below the apartment component.
The buildings will compliment the existing Country Club Towers I, a 20-story, 185,000 sq ft building with 183 units.
The new towers will replace a portion (40) of the existing Country Club Gardens, a 187-unit apartment complex built in the 1940s and also located at site. The Broe Companies will use a portion of the loan proceeds to upgrade the remaining 147 units.
The project is located within walking distance of Washington Park and driving distance of downtown Denver.
Quadrant sourced the financing as part of a construction-to-permanent debt program that makes multifamily loans between $30m and $150m. The investment advisor and manager has $6bn of commercial real estate assets under management, investing in the US, UK and Australia via its Atlanta, London and Sydney offices.